At this point, most of us have heard the news. Bitcoin has finally gotten a spot ETF in the United States. This historic decision has seen Bitcoin dominate the headlines around the world and has made it even more hyped. On top of this hype, Bitcoin is on track to be more valuable than ever before, with some experts predicting a new all-time price high before the end of the year.
And while it’s easy to get swept up in the Bitcoin frenzy, there are many other promising tokens you might want to get your hands on this year.
1. Ethereum
There are lots of reasons to consider Ethereum for investment. First, it is second only to Bitcoin itself in the crypto market in terms of value and popularity. The Ethereum blockchain has proven to be invaluable over the years, acting as the foundation for DeFi, NFTs, and much more. The fact that Ethereum as a blockchain is used so much means that Ethereum as a token will likely always be a solid crypto investment with heavy demand behind it.Â
Ethereum is also a top performer when it comes to token use cases. Many merchants around the world accept Ethereum for goods and services, including crypto casinos. Ethereum is favored for its fast transaction times, with withdrawals from casinos taking just a minute in most cases (source: https://readwrite.com/cryptocurrency/best-crypto-casinos/).
And if the Bitcoin ETF has you excited to invest, consider the fact that Ethereum is rumored to be getting its own ETF at some point in the future. Needless to say, every serious crypto investor should have Ethereum on their list.
2. Tether
In 2024, many tokens are predicted to rise and fall, which means, ultimately, that the crypto industry will remain as volatile as it has always been. Perhaps even worse than before. This also means that the demand for stablecoins like Tether will continue to rise.
Tether and other tokens in the same vein provide a sort of middle ground for investors in that they have the benefits of cryptocurrency while also being closely connected to fiat currencies and ‘traditional’ assets. As the crypto industry remains volatile, many will use Tether as a bridge between tokens or simply as a way of sidestepping this volatility. This should put it on any investors’ radar.
There is also the fact that Tether’s management has announced plans to show its reserves in real-time, which could build even more trust in the famous stablecoin.
3. Dogecoin
You’d be forgiven for initially overlooking Dogecoin as a ‘legitimate’ investment vehicle. After all, it is a meme token based on an internet joke. But as the crypto industry has shown us time and time again, many tokens you would normally overlook pack a lot of potential.
After finding online popularity in 2021 thanks to endorsements from the likes of Elon Musk, Dogecoin has remained relevant within the crypto industry. It is accepted on gambling sites, by merchants worldwide, and is even used to give tips on sites like Reddit. As of this article, Dogecoin is in the top 10 cryptos by market cap, trading at just under $0.079 per token. 2024 has a lot in store for the dog-themed token as SpaceX is launching a DOGE-1 Mission to the moon that is funded entirely by Dogecoin. If the mission succeeds in reaching the moon, we can expect the token to metaphorically go to the moon as well, which is good news for investors.
4. XRP
XRP is a solid crypto investment because it has so many things going for it. First, it has proven itself to be a game-changer in terms of cross-border transactions, moving millions of dollars in seconds and only charging pennies in transaction fees. Cross-border transactions will almost always be needed and this means that XRP will continue to have a market.
Another reason why XRP is a must-have for 2024 is that Ripple, its parent company, scored a win in its legal battle against the SEC in 2023. While the commission had plans to appeal the initial ruling, many don’t believe that they have a case. If Ripple comes out on top again, the token price could go up.
Also on the 2024 agenda is a rumored IPO. There is no telling how big XRP could become if this IPO is a reality and this makes it an even hotter commodity.
Conclusion
2024 is shaping up to be an exciting year for the crypto industry and while it is easy to get swept up in the Bitcoin hype, there are many other tokens you might want to consider. From stablecoins to meme tokens, the world of crypto is full of options for you to choose from.
Some of these have major projects being launched this year and some are just well-positioned to be high in demand and should definitely be on your radar.
